As was feared, many markets around the world have given up gains after initial euphoria related to the Greek election news.

The FTSE and DAX are up just fractionally and Dow and S&P 500 futures are indicated to open lower. Traders are also focusing on the Spanish 10-year yield, as it soars above 7%.

In Greece, with votes nearly all counted, the pro-bailout New Democracy had 29.6 percent of the vote and 129 seats out of the 300 seats in Parliament. The anti-bailout Syriza party had 26.9 percent and 71 seats.

This is the second time in as many weeks that seemingly positive news out of the Eurozone has created a knee-jerk higher only to see the gains fade away in short order. Last week it was centered around the Spanish bank bailout.